Toyota Motor Corp. | PHOTO: Official website of Toyota Motor Philippines
MANILA, Philippines — The Japanese automotive giant Toyota Motor Corp. has committed to invest an additional P1.1 billion in the country’s Public Utility Vehicle Modernization Program (PUVMP), according to Malacañang.
In a statement on Friday, Presidential Communications Secretary Cheloy Velicaria Garafil said Toyota Executive vice president Yoichi Miyazaki gave the assurance during the roundtable discussion between the Philippine delegation led by President Ferdinand Marcos Jr. and the Japanese business community on the sidelines of the 50th Association of Southeast Asian Nations (Asean)-Japan Friendship and Cooperation Summit held in Tokyo earlier this month.
The additional P1.1 billion would be on top of Toyota’s prior commitment of P4.4 billion that was made during the President’s working visit to Japan in February.
“We have completed an investment of P1.3 billion out of P4.4 billion. We are committing an additional P1.1 billion … bringing the total investment to P5.5 billion,” Garafil’s statement quoted Yoichi as telling President Marcos during the meeting.
In February, Toyota officials told Marcos of the company’s plan to revive the popular Tamaraw passenger vehicle model in the Philippine market.
Tamaraw
The Tamaraw was introduced to the local market as a pickup truck in 1976.“The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service. We look forward to your continued support in creating the adoption of the program,” Yoichi said.
In an earlier speech during the 35th anniversary of Toyota Motors Philippines Corp. in Sta. Rosa, Laguna, the President lauded the Japanese company for remaining a vital partner in the country’s development.
The Palace gave an update on the Toyota commitment on Friday as it stayed firm in pursuing the controversial PUVMP. Its implementation has dragged on since 2017.
Consolidation
The program aims to replace old buses, jeepneys, and other PUVs with more comfortable, safer, and environmentally friendly models and requires PUV operators to consolidate into cooperatives or corporations by Dec. 31 this year.
Transport groups opposed to the program are challenging the legality of the program’s requirements while warning of massive unemployment in the transport sector, as “modern” PUVs entail investments of around P2.4 million to P2.6 million per new unit.